The housing market is extremely challenging at this time for homebuyers.
This is due to the limited supply of homes, that are within a reasonable price range for homebuyers. The lack of supply naturally increases the prices for homes. Since 2010, the home prices for single-family homes, rural residential, and condo/townhouses have all be increasing. However, the home prices inflating at a larger rate are the rural residential properties. In fact, since 2010 the sales price of these homes has increased by 67%. What does this tell us?
It means there is a clear demand for homes in Cheyenne, WY. Due to this increased demand, the sales prices are starting to increase because the market becomes more and more competitive. The highest amount of home inventory is in the single-family home category. The amount sold has nearly doubled in the last decade (in 2010, 800 single-family homes and 1,532 in 2020).
What this means is we are increasing the amount of inventory available in this particular category at a higher rate than others, therefore there is a higher probability of these types of homes being on the market. This can then help level out the sales price which is beneficial to homebuyers. However, this also tells us there is a demand not being served in the rural residential. This may be a challenging sector to provide options too however because of land needs, and all of the infrastructure required to develop in untouched areas.
As your trusted real estate agency, we wanted to keep you informed on our current market performance. For those looking to sell, especially those who own rural residential homes, you can benefit from premium pricing because your home is highly demanded. Due to this demand, the number of days your home is on the market is very few. Be ready then, to sell when you put your home on the market. For those looking to buy a home, this is a great time to hire a real estate professional because they know what is entering the market and you can move more quickly in the fast paced market. In addition, you can more quickly negotiate and increase your odds of finding your ideal home.
When you are ready to make a movement in this market, give us a call! We would love to visit with you, (307) 635-0303.
